Robust top-line growth; guided for strong FY21 IPCA's Q4FY20 numbers beat our estimates on top-line while adjusted for one-offs (impairment for US subsidiary and forex loss) margins at 20.5% came in line. Top line grew a strong 22% YoY led by: i) generic formulations (up 41% YoY), API (30% YoY); and ii) domestic formulations (21% YoY growth, while delay in shipment due to lockdown impacted branded exports to the tune of Rs260mn. HCQ supplies (both in India and exports) and higher sales from anti-malarial and anti-bacterial segments aided...